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Jane buys only shoes and socks. When the price of shoes goes up, Jane goes on buying just as many socks as before. therefore, socks are definitely not a Giffen good for Jane.
Gabriella often faces a trade-off between time at the beach and time working as a model. She earns $40 per hour as a model and values going to the beach at the same price. When explaining this to her parents she says.
Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q=50-p and that the marginal private cost of generating electricity is $10 per megawatt hour (p is the same units). Suppose further that smoke is generated in the ..
The capital-labor ratio of a cost minimizing firm in the long run indicates explain how a firm should produce its output, not how much output it should produce.
Suppose a production function is given by f(K;L) = KL 2 What combination of labour and capital minimizes the cost of producing any given output?
Through its policies and institutions, how has the US influence US long run economic growth? Why might persistently large borrowing by the US government ultimately limit long run economic growth in the future?
what is likely to happen to the curve if wage indexation becomes more widespread? Illustrate your answer on the graph.
Assume there are two types of consumers: type A consumers have a demand Q = 10 ? P for widgets, and consumers of type B have a demand Q = 5 ? P. Assume that there are 10 consumers of each type. (a) Calculate the market demand.
Explain the decision by price takers to continue to operate, temporarily shut down, or go out of business, when faced with price below average total cost.
Supposed that higher income implies higher imports and thus lower net exports. That is the NX = NX (e). what are the effects in a small open economy of fiscal expansion on income and the trade balance under floating and fixed exchange rates
Describe five additional factors that you consider most significant for forecasting the demand for natural gas over the next decade and briefly outline the processes you would use in gathering and analyzing these five additional factors for forecas..
Outdoor Sports Corporation, with its main office in Iowa, is considering opening a branch office in Los Angeles. Under normal economic conditions, which have a 45 percent chance of occurring,
Discuss and explain some example of supply and demand that you have observed in the real world. Be do not use the example for the questions below, use something else.
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